而在万辰之前，量贩零食赛道另一巨头鸣鸣很忙（02143.HK）已在4月递交港股上市申请，目前暂未有新的进展。港股量贩零食第一股花落谁家尚未可 知。 万辰集团早年以食用菌业务起家，2022年开始陆续收购并整合旗下五大品牌，进军量贩零食行业，开辟出第二增长曲线。截至2024年底，其量贩零食门店 数量超过1.4万家，推动当年营收同比增长248%至323亿元，其中量贩零食业务贡献了98%的收入，成为绝对营收支柱。 当前量贩零食赛道已经形成以万辰与鸣鸣很忙为首的两超多强格局，但"高营收、低盈利"仍是行业共性难题，万辰也不例外。 又一家消费企业加入赴港上市行列。 8月25日，"量贩零食第一股"万辰集团（300972.SZ）股票开盘一路上行，截至收盘上涨9.39%，报164.21元/股，总市值308亿元。 消息面上，22日晚公司发布公告，计划发行H股股票并申请在香港联交所主板挂牌上市。此次赴港上市目的明确：为进一步推进公司国际化战略，提升品 牌知名度和综合竞争力，完善供应链体系建设。 截至目前，公司正积极与相关中介机构就本次发行上市的相关工作进行商讨，除本次董事会审议通过的相关议案外，其他关于本次发行上市的具体细节尚 未确 ...

据最新统计，今年香港市场已有56只新股上市（包括即将上市的天岳先进），其中实现A+H股上市的包括宁德时代、恒 瑞医药、海天味业等共11家公司，数量占比接近20%，融资额贡献更大。 一家头部投资银行负责人告诉记者，目前香港市场IPO融资额已经超过去年，重返全球第一的宝座，IPO家数预计全年达 到100家，相比去年70家实现较大增长。 近期，A+H股的上市趋势加速，香港市场传言监管可能设置最低市值门槛。 一家头部中资投行表示，200亿市值以上且已公告赴港上市的A股企业占多数，港股IPO火爆的趋势将延续，存量储备项 目丰厚，大概需要2年时间消化。 券商中国记者不完全统计，截至8月13日，目前已公告筹划发行H股的A股上市公司，一共有87家。其中，总市值超过 1000亿元人民币的就有10家，500亿—1000亿元的有8家；200亿—500亿元有33家；100亿—200亿元的有24家；100亿以下 的只有11家。 A+H股上市火热趋势持续 今年以来，香港IPO融资火热的趋势持续至今，国际资金回归参与新股配售，尤其大型项目A+H股成为一大亮点和热点。 自去年以来，中国证监会支持内地优质企业赴港上市，港交所和香港证监会也推出 ...

Group 1 - Goldman Sachs raised the earnings per share forecast for Hong Kong Exchanges and Clearing (HKEX) for 2025, 2026, and 2027 by approximately 4% based on better-than-expected average daily trading volume [1] - The target price for HKEX was increased by 11%, from HKD 450 to HKD 500, corresponding to a price-to-earnings ratio of 40 times for 2026 [1] - Despite the upward revision of earnings estimates, HKEX's stock price remains about 20% lower than its peak in 2021, even as average daily trading volume in cash equities has reached a historical high of over HKD 200 billion [1] Group 2 - The number of IPO applications is nearing the peak levels of 2021, but the pace of new listings is still in the mid-cycle [2] - Key market activity indicators, such as turnover rate and the ratio of small to large-cap stock trading, are above the historical 90th percentile, yet the market's valuation relative to GDP is at historical average levels [1][2] - The average year-on-year growth in earnings per share for HKEX is projected to reach 42% from Q4 2024 to Q1 2025, with a 29% growth expected in Q2 2025, which is 3 to 4 times the normal growth rate [2]

Group 1 - The brokerage sector opened flat on July 28, followed by a sharp rise, with the leading A-share brokerage ETF (512000) increasing by over 1% and a real-time trading volume of nearly 400 million yuan, indicating active trading [1] - Major stocks in the brokerage sector showed strong performance, with Zhongyin Securities leading with a rise of over 6%, while Guotai Junan and Shouchuang Securities increased by more than 2% [2][3] - The announcement of Shouchuang Securities planning to list in Hong Kong could make it the 14th brokerage to achieve "A+H" listing status, joining 13 others already listed [3] Group 2 - According to Zhongtai Securities, the A-share market has shifted from a stock market to an incremental market since June, suggesting that investors should focus on relative return opportunities in the non-bank sector [4] - From April 7 to July 22, H-shares of A+H listed brokerages rose by 73.9%, while A-shares only increased by 22.0%, indicating a significant gap of 51.9% and potential for A-share brokerages to catch up [4] - The brokerage ETF (512000) passively tracks the CSI All Share Securities Company Index, which includes 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [4]

Group 1 - The Hong Kong IPO market has seen a significant surge, with a record number of listings and a total fundraising amount of 1,067 million HKD in the first half of 2025, nearly eight times that of the same period last year [1][2] - Five companies, including Peak Technology and Blue Sky Technology, listed on the Hong Kong Stock Exchange on the same day, marking a historic moment with six gongs ringing simultaneously [1] - The number of IPOs in May and June accounted for 58.14% of the total listings in the first half of 2025, indicating a concentrated period of activity [1] Group 2 - Eight new stocks raised over 2 billion HKD, while 17 raised over 1 billion HKD, with the top five fundraising companies being CATL, Hengrui Medicine, Haitian Flavoring, Sanhua Intelligent Control, and Mixue Ice City [2] - As of July 17, 2025, the Hong Kong market recorded 51 IPOs and a total fundraising amount of 1,134 million HKD, surpassing the total for the entire year of 2024 and increasing by 217% compared to the same period last year [2] Group 3 - The revival of the Hong Kong IPO market has led to increased activity among investment banks, with a notable rise in the number of companies seeking to go public [3] - As of July 17, 2025, there are 232 companies in the queue to apply for H-share listings, indicating strong interest in the market [3] - The competition between domestic and foreign investment banks has intensified, with domestic banks gaining an advantage due to their understanding of local enterprises and improved international service capabilities [5] Group 4 - The Hong Kong IPO market has regained its position as the largest globally, driven by a surge in A+H listings, which have become a dominant trend [4][10] - A total of 50 A+H companies have submitted IPO applications in the first half of 2025, with several major firms already listed [10] - Predictions indicate that 90 to 100 companies are expected to raise between 200 billion to 220 billion HKD in 2025, with the second half typically being a peak period for IPOs [11] Group 5 - The top investment banks in the Hong Kong IPO market as of July 17, 2025, include CICC with 18 IPOs (16.67% market share), followed by Huatai Financial Holdings and CITIC with 10 IPOs each (9.26% market share) [6][8] - The market shows a clear "Matthew effect," where larger projects are predominantly led by top-tier investment banks, while many smaller banks have only participated in a single IPO [8] Group 6 - The A+H listing model is expected to drive significant fundraising, with estimates suggesting an 85% increase in total fundraising from A+H listings compared to the first half of 2024 [12] - The technology, biomedicine, and consumer sectors are anticipated to lead the IPO market in the second half of 2025, although an increase in supply may raise the failure rate to 35% [12]

Core Viewpoint - Fengfan Technology (688279.SH) is set to become a dual-listed chip design company on both A-shares and H-shares, with recent stock price fluctuations reflecting market sentiment and the company's upcoming capital expansion plans [1]. Company Overview - Fengfan Technology specializes in the design and research of BLDC motor drive control chips, holding a 4.8% market share in China's BLDC motor control and drive chip market, ranking sixth overall and being the only Chinese company among the top ten [2][5]. - The company has a comprehensive product matrix covering core components of motor drive control systems, including MCU, ASIC, HVIC, and MOSFET [5]. Financial Performance - Revenue is projected to grow from 322.973 million RMB in 2022 to 600.325 million RMB in 2024, with a compound annual growth rate (CAGR) of 36.4% [7][8]. - Net profit is expected to increase from 142 million RMB in 2022 to 222 million RMB in 2024, with a CAGR of 25.1% [7][8]. Market Dynamics - The global and Chinese BLDC motor market is experiencing significant growth, with projected CAGRs of 22.6% and 24.9% from 2019 to 2023, respectively [11]. - The company faces intense competition from international firms, which hold 54.1% of the market share, prompting Fengfan Technology to adopt a "price-for-volume" strategy to expand its customer base [12]. Research and Development - High R&D investment is a key driver of the company's growth, with R&D expenses increasing from 64 million RMB in 2022 to 116.73 million RMB in 2024, representing 19.4%-20.6% of revenue [11]. - The company has accumulated 110 patents, including 68 invention patents, focusing on core algorithms and chip design [11]. Sales Strategy - The company has seen a rise in sales and distribution expenses, from 12.605 million RMB in 2022 to 24.670 million RMB in 2024, reflecting efforts to optimize customer structure and expand into new markets [12][13]. - The concentration of revenue from the top five customers has decreased from 56.6% in 2022 to 46.8% in 2024, indicating progress in diversifying its customer base [13]. Future Outlook - Fengfan Technology's growth potential is supported by the high demand in the BLDC motor drive control chip sector and its innovative product offerings, as it prepares for A+H share capital expansion [14]. - The company must balance pricing strategies and expenditure to optimize profitability while navigating potential risks related to customer concentration and R&D investment returns [14].

Core Viewpoint - Haitan Weiye's secondary listing on the Hong Kong Stock Exchange marks a significant step in its internationalization strategy, aiming to enhance its global brand image and competitiveness while navigating challenges in both domestic and overseas markets [2][8][19]. Company Overview - Haitan Weiye, known as the "soy sauce king" in A-shares, has seen its market value decline over 60% from its peak of nearly 700 billion yuan due to various factors, including being removed from the SSE 50 Index [4][11]. - The company has established itself as a leading player in the Chinese condiment market, ranking first domestically and among the top five globally, with a diverse product range including soy sauce, oyster sauce, and other condiments [9][11]. Financial Performance - In 2022, Haitan Weiye's revenue was 25.61 billion yuan, with a growth rate of only 2.42%, and net profit decreased by 7.09% to 6.198 billion yuan. However, in 2024, the company reported a revenue of 26.901 billion yuan, a year-on-year increase of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% [11][12]. Market Dynamics - The condiment industry in China is experiencing intense competition, with a significant increase in the number of entrants and changing consumer preferences. This has led to a decline in the number of distributors for Haitan Weiye, from 8,053 in 2021 to 6,591 in 2023 [13][15]. - The market concentration in the Chinese condiment industry remains low, with the top five companies holding only 10.9% of the market share, compared to 24.0% in the U.S. and 28.5% in Japan [15]. Internationalization Strategy - Haitan Weiye aims to expand its overseas market presence, targeting a 15% contribution from international sales by 2025, with plans to establish localized supply chains and production bases in Southeast Asia by 2025 and Europe by 2028 [18]. - The company has faced challenges in promoting its soy sauce products in international markets, particularly in regions where soy sauce is not a staple condiment [19]. Regulatory Environment - The recent regulatory changes regarding "zero additives" labeling pose a challenge for Haitan Weiye, which has been promoting its zero-additive product line. The new regulations will take effect in 2027, impacting the company's marketing strategy [16].

Group 1 - Haitai Flavor Industry's Hong Kong stock saw a significant increase, with a peak rise of nearly 10% in the dark market, currently up nearly 5% [1] - The company's offering price for each H-share was set at HKD 36.30 [1] - The stock's trading volume reached 5.5252 million shares, with a total transaction value of HKD 2.17 billion [1] Group 2 - The stock's highest price during trading was HKD 40.95, while the lowest was HKD 38.00, indicating a trading range of 8.13% [1] - The current market capitalization of Haitai Flavor Industry is approximately HKD 221.597 billion [1] - The price-to-earnings ratio (P/E) stands at 32.06, and the price-to-book ratio (P/B) is 6.58 [1]

Group 1 - The Hong Kong IPO market is experiencing a strong recovery, with new fundraising exceeding 60 billion HKD in 2025, making it the top globally [1] - The "A+H" shares are expected to account for up to 50% of new listings, with a conservative estimate of one-third [1] - As of May 2025, there have been 27 new IPOs in Hong Kong, raising a total of 77.7 billion HKD, representing a year-on-year increase of 29% and over 8 times [1] Group 2 - Regulatory measures have encouraged more A-share companies to list in Hong Kong, making mainland enterprises the core driving force of the IPO market [2] - There is an expectation of at least 6 large IPOs (raising 1 billion USD or more) in 2025, primarily from the consumer retail sector [2] - The enthusiasm of retail investors is crucial for the success of IPOs, as seen with significant participation in recent offerings [2] Group 3 - The Hong Kong IPO market is showing signs of recovery compared to previous years, driven by A+H shares and mainland enterprises, with notable performance in consumer retail and technology sectors [3] - Policy support, valuation advantages, and retail investor enthusiasm are injecting vitality into the market [3] - Continued positive performance in the IPO market could amplify the "snowball effect," encouraging more companies to list in Hong Kong [3]

Group 1: IPO Market Overview - The number of new IPOs in Hong Kong increased by 7 from the previous year, with total fundraising exceeding 710 million HKD in the first five months of 2025[3] - A+H shares accounted for over 70% of the total fundraising in 2025, with 5 A+H IPOs contributing 503 million HKD[45] - The average first-day premium for new listings rose to 10.8% in 2025, compared to 8.6% in 2024, while the first-day break rate decreased to 29%[64] Group 2: Investor Participation and Trends - Public subscription enthusiasm has increased, with 70% of projects triggering a reallocation mechanism in 2025[62] - The average effective subscription multiple for public offerings reached 688 times in 2025, indicating strong demand[62] - The allocation for cornerstone investors has remained above 40% since 2022, while the share for anchor investors has decreased to around 40%[32] Group 3: Valuation and Performance - The average initial valuation for new listings dropped from 27 times in 2024 to 19 times in 2025, marking a significant decline[3] - A+H new shares have generally been issued at a discount compared to their A-share counterparts, although the discount rate has narrowed recently[54] - The average first-day return for A+H shares in 2025 was notably strong, with no instances of breakage among the five listings[66]